Total food and beverage sales at owned and managed units* increased
7.5% to $36.7 million;

Management and incentive fee revenues were $2.1 million for the
quarter;

GAAP net income for the quarter was $8.4 million, or $0.34 per share,
and included a one-time reversal of a deferred tax allowance of
approximately $6.2 million;

Adjusted EBITDA was $1.63 million compared to $1.65 million for the
same period last year**; and

Opened STK at the ME Milan IL Duca and commenced the hotel’s food &
beverage services, and opened STK at the W Hotel West Beverly Hills in
Los Angeles, California.

*Total food and beverage sales at owned and managed units, a non-GAAP
measure, represents our total revenue from our owned operations as well
as the revenue reported to us with respect to sales at our managed
locations, where we earn management and incentive fees at these
locations. For a reconciliation of our GAAP revenue to total food and
beverage sales at our owned and managed units and a discussion of why we
consider it useful, see the financial information accompanying this
release.

**Adjusted EBITDA, a non-GAAP measure, represents net income
before interest expense, provision for income taxes, depreciation and
amortization, non-cash impairment loss, deferred rent, pre-opening
expenses, non-recurring gains and losses, stock based compensation and
losses from discontinued operations. For a reconciliation of adjusted
EBITDA to the most directly comparable financial measure presented in
accordance with GAAP and a discussion of why we consider it useful, see
the financial information accompanying this release.

Jonathan Segal, CEO of The ONE Group said, “The second quarter marked
our fifth consecutive quarter of double digit revenue growth. During the
quarter we began operating the food and beverage services at the ME
Milan including an STK Restaurant and Radio Milan, a rooftop bar.
Additionally, we opened an STK in the W Hotel in West Beverly Hills,
California to accompany the hotel food and beverage we had been
operating at the property since October.”

Segal continued, “We are also very excited about our proposed
acquisition to acquire the restaurant brands Katsuya and Cleo as we
expect that it will be transformative to our company and immediately
accretive to earnings. These are high volume profitable brands with a
significant licensing business similar to our hospitality business. They
are complementary to our existing brands existing in markets we
currently operate in, as well as additive to our growth, as it will open
up geographic expansion into the Middle East. We will be able to assume
the new operations without any increase in our general and
administrative expenses by leveraging the management infrastructure we
have invested in globally. We continue to believe that we are well
positioned to build sustainable growth which we expect will enhance
shareholder value over time.”

Second Quarter 2015 Financial Results

Total owned unit net revenues increased 26.2% to $12.8 million in the
second quarter of 2015 compared to $10.1 million in the second quarter
of 2014. The increase was primarily due to the re-opening of our STK in
Miami and the food and beverage services at the W Hotel in West Beverly
Hills. Comparable sales from owned STK units increased 2.7% for the
quarter. Comparable sales from owned and managed STK units increased
3.1% for the quarter after excluding the sales from the STK in London
which was closed for several days due to a power failure that affected
the entire hotel as well as the surrounding area.

Management and incentive fee revenues were $2.12 million in the second
quarter of 2015, a decrease of 1.0% compared to $2.14 million in the
prior year’s quarter. The decrease was driven by the decline in revenue
from our UK operations due to the change in exchange rates versus the
same period a year ago. Offsetting this was an increase in management
and incentive fee income earned from the STK in Las Vegas.

Total food and beverage sales at owned and managed units increased 7.5%
to $36.7 million compared to $34.1 million in the second quarter of 2014.

Adjusted EBITDA for the second quarter of 2015 was $1.63 million
compared to adjusted EBITDA of $1.65 million in the second quarter of
2014.

In the second quarter of 2015, we reported a net income attributable to
The ONE Group of $8.4 million compared to a net income of $3.0 million
in the second quarter of 2014. Net income in 2015 included a one-time
reversal of a deferred tax valuation allowance of approximately $6.2
million.

Adjusted net loss for the quarter was $721,000, or $0.03 per share,
compared to adjusted net income of $707,000, or $0.03 per share, in the
second quarter of 2014.

Development Update

In May 2015 we launched the food and beverage services for the new ME
Milan IL Duca hotel, including Radio Milan, a rooftop restaurant, and on
May 11, we opened our second European STK location at this hotel.
Additionally, on June 29, we opened an STK restaurant at the W Hotel in
West Beverly Hills in addition to operating the W Lounge, along with
other food and beverage services at the hotel. We will be shortly
opening a new pool side restaurant for the hotel.

UP COMING PLANNED OPENINGS

OWNED STK UNITS

STK Chicago

STK Orlando

STK Dallas

STK Rooftop - Dallas

OWNED STK REBEL UNITS

STK Rebel San Diego

STK Rebel Denver

STK Rebel Austin

STK Rooftop - Austin

MANAGED UNITS

STK Toronto

STK Rebel Miami

ME Hotel Miami – Food and Beverage Services

Conference Call

The Company will host a conference call to discuss second quarter 2015
financial results today at 5:00 PM Eastern Time. Hosting the call will
be Jonathan Segal, Chief Executive Officer, and Sam Goldfinger, Chief
Financial Officer.

The conference call can be accessed live over the phone by dialing
877-407-3982 or for international callers by dialing 201-493-6780. A
replay will be available after the call and can be accessed by dialing
877-870-5176 or for international callers by dialing 858-384-5517; the
passcode is 13616598. The replay will be available until September 13,
2015.

About The ONE Group

The ONE Group (Nasdaq:STKS) is a global hospitality company that
develops and operates upscale, high-energy restaurants and lounges and
provides hospitality management services for hotels, casinos and other
high-end venues both nationally and internationally. The ONE Group’s
primary restaurant brand is STK, a modern twist on the American
steakhouse concept with locations in major metropolitan cities
throughout the U.S. and Europe. STK Rebel, a more accessibly priced STK
with a broader menu, is an extension of the STK brand. The ONE Group’s
food and beverage hospitality services business, ONE Hospitality,
provides the development, management and operations for premier
restaurants and turn-key food and beverage services within high-end
hotels and casinos. Additional information about The ONE Group can be
found at www.togrp.com.

Cautionary Statement on Forward-Looking Statements

This press release includes “forward-looking statements” within the
meaning of the “safe harbor” provisions of the United States Private
Securities Litigation Reform Act of 1995. Forward-looking statements may
be identified by the use of words such as “anticipate”, “believe”,
“expect”, “estimate”, “plan”, “outlook”, and “project” and other similar
expressions that predict or indicate future events or trends or that are
not statements of historical matters. A number of factors could cause
actual results or outcomes to differ materially from those indicated by
such forward-looking statements, including but not limited to, (1) the
ability to recognize the anticipated benefits of the business
combination, which may be affected by, among other things, competition,
our ability to open new restaurants and food and beverage locations in
current and additional markets, grow and manage growth profitably,
maintain relationships with suppliers and obtain adequate supply of
products and retain our key employees; (2) factors beyond our control
that affect the number and timing of new restaurant openings, including
weather conditions and factors under the control of landlords,
contractors and regulatory and/or licensing authorities; (3) changes in
applicable laws or regulations; (4) the possibility that the Company may
be adversely affected by other economic, business, and/or competitive
factors; and (5) other risks and uncertainties indicated from time to
time in our filings with the SEC, including our Annual Report on Form
10-K/A filed on April 1, 2015.

Investors are referred to the most recent reports filed with the SEC
by The ONE Group Hospitality, Inc. Investors are cautioned not to place
undue reliance upon any forward-looking statements, which speak only as
of the date made, and we undertake no obligation to update or revise the
forward-looking statements, whether as a result of new information,
future events, or otherwise.

Results of Operations (in thousands, except share and per share
data)

The following table sets forth certain statements of income data
for the periods indicated:

For the Three Months Ended June 30,

For the Six Months Ended June 30,

2015

2014

2015

2014

(unaudited)

(unaudited)

(unaudited)

(unaudited)

Revenues:

Owned unit net revenues

$

12,778.9

$

10,124.2

$

22,504.2

$

18,278.1

Management and incentive fee revenue

2,122.0

2,143.1

4,173.3

4,262.2

Total revenue

14,900.9

12,267.3

26,677.5

22,540.3

Cost and expenses:

Owned operating expenses:

Food and beverage costs

3,238.2

2,525.5

5,735.4

4,670.6

Unit operating expenses

8,081.7

5,960.2

15,090.9

11,415.9

General and administrative

2,592.5

2,194.6

5,037.0

4,101.9

Depreciation and amortization

569.6

348.8

989.8

672.7

Management and royalty fees

21.9

74.5

46.6

95.5

Pre-opening expenses

1,690.3

586.8

2,765.0

833.2

Transaction costs

100.3

-

100.3

-

Equity in income of investee companies

(354.3

)

(205.9

)

(523.2

)

(320.3

)

Derivative income

(3,392.0

)

(2,832.7

)

(2,778.0

)

(2,784.7

)

Interest expense, net of interest income

0.0

39.6

(5.2

)

58.5

Other (income) loss

(275.6

)

(30.9

)

(604.6

)

70.6

Total cost and expenses

12,272.6

8,660.5

25,854.0

18,813.9

Income from continuing operations before

2,628.3

3,606.8

823.5

3,726.4

provision (benefit) for income taxes

(Benefit) provision for income taxes

(5,931.4

)

115.5

(6,541.9

)

350.7

Income from continuing operations

8,559.7

3,491.3

7,365.4

3,375.7

Loss from discontinued operations, net of taxes

(35.4

)

(346.2

)

(38.6

)

(1,271.4

)

Net income

8,524.3

3,145.1

7,326.8

2,104.3

Less: net income (loss) attributable to

noncontrolling interest

134.1

131.9

27.3

(187.1

)

Net income attributable to THE ONE GROUP

$

8,390.2

$

3,013.2

$

7,299.5

$

2,291.4

Amounts atrributable to THE ONE GROUP:

Income from continuing operations

8,425.6

3,350.0

7,338.1

3,493.1

Loss from discontinued operations, net of taxes

(35.4

)

(336.8

)

(38.6

)

(1,201.7

)

Net income attributable to THE ONE GROUP

$

8,390.2

$

3,013.2

$

7,299.5

$

2,291.4

Net income attributable to THE ONE GROUP

$

8,390.2

$

3,013.2

$

7,299.5

$

2,291.4

Other comprehensive income (loss)

Currency translation adjustment

(102.0

)

23.7

(230.8

)

44.2

Comprehensive income

$

8,288.2

$

3,036.9

$

7,068.7

$

2,335.6

Continuing operations (basic and diluted)

$

0.34

$

0.13

$

0.29

$

0.14

Discontinued operations (basic and diluted)

$

(0.00

)

$

(0.01

)

$

(0.00

)

$

(0.05

)

Net income per share attributable to THE ONE GROUP

$

0.34

$

0.12

$

0.29

$

0.09

Shares outstanding - basic

24,955,467

24,940,195

24,947,873

24,943,394

Shares outstanding - diluted

24,955,467

24,972,150

24,947,873

25,029,957

CONSOLIDATED BALANCE SHEET

(in thousands)

June 30,

December 31,

2015

2014

(unaudited)

Assets

Current assets:

Cash and cash equivalents

$

2,848.3

$

7,905.0

Accounts receivable, net

5,156.1

4,408.4

Inventory

1,069.1

1,139.3

Other current assets

2,827.4

1,937.4

Due from related parties

1,481.1

1,157.1

Total current assets

13,382.0

16,547.2

Property & equipment, net

22,839.0

18,815.6

Investments

3,004.5

2,802.5

Deferred tax assets

7,365.0

35.4

Other assets

680.6

793.0

Security deposits

2,355.8

2,368.4

Total assets

$

49,626.9

$

41,362.1

Liabilities and Stockholders’ Equity

Current liabilities:

Cash overdraft

$

236.7

$

85.5

Current portion of long term debt

1,728.3

1,495.0

Accounts payable

2,462.7

3,433.2

Accrued expenses

4,384.5

2,004.7

Due to related parties

-

19.6

Deferred revenue

224.7

128.0

Total current liabilities

9,036.9

7,166.0

Other long-term liabilities

-

67.3

Derivative liability

3,463.0

6,241.0

Long term debt, net of current portion

6,101.7

5,980.0

Deferred rent payable

11,147.0

9,435.1

Total liabilities

29,748.6

28,889.4

Stockholders’ equity

20,306.1

12,733.0

Noncontrolling interest

(427.8

)

(260.3

)

Total stockholders’ equity including noncontrolling interest

19,878.3

12,472.7

Total Liabilities and Stockholders’ Equity

$

49,626.9

$

41,362.1

Reconciliation of Non-GAAP Measures

We prepare our financial statements in accordance with generally
accepted accounting principles (GAAP). In this press release, we also
make references to the following non-GAAP financial measures: total food
and beverage sales at owned and managed units, adjusted net income and
adjusted EBITDA.

Total food and beverage sales at owned and managed units. Total
food and beverage sales at owned and managed units represents our total
revenue from our owned operations as well as the revenue reported to us
with respect to sales at our managed locations, where we earn management
and incentive fees at these locations. We believe that this measure
represents a useful internal measure of performance as it identifies
total sales associated with our brands and hospitality services that we
provide. We believe that this measure also represents a useful internal
measure of performance. Accordingly, we include this non-GAAP measure so
that investors can review financial data that management uses in
evaluating performance, and we believe that it will assist the
investment community in assessing performance of restaurants and other
services we operate, whether or not the operation is owned by us.
However, because this measure is not determined in accordance with GAAP,
it is susceptible to varying calculations and not all companies
calculate these measures in the same manner. As a result, this measure
as presented may not be directly comparable to a similarly titled
measure presented by other companies. This non-GAAP measure is presented
as supplemental information and not as an alternative to any GAAP
measurements. The following table includes a reconciliation of our GAAP
revenue to total food and beverage sales at our owned and managed units
(in thousands):

For the Three Months Ended June 30,

For the Six Months Ended June 30,

2015

2014

2015

2014

(unaudited)

(unaudited)

(unaudited)

(unaudited)

Owned Unit Net Revenues (a)

$

12,778.9

$

10,124.2

$

22,504.2

$

18,278.1

Management and Incentive Fee Revenue

2,122.0

2,143.1

4,173.3

4,262.2

GAAP Revenues

14,900.9

12,267.3

26,677.5

22,540.3

Food and Beverage Sales from Managed Units (a)

23,839.4

23,949.4

44,158.6

44,772.9

Food and Beverage Sales from Discontinued Operations (a)

-

-

-

102.3

Total Food and Beverage sales at Owned and Managed Units

36,618.3

34,073.6

66,662.8

63,153.4

(a) Components of Total Food & Beverage Sales at Owned and Managed
Units

Adjusted EBITDA. We define adjusted EBITDA as net income before
interest expense, provision for income taxes, depreciation and
amortization, non-cash impairment loss, deferred rent, pre-opening
expenses, non-recurring gains and losses and losses from discontinued
operations. Adjusted EBITDA has been presented in this press release and
is a supplemental measure of financial performance that is not required
by, or presented in accordance with, GAAP.

We believe that adjusted EBITDA is a more appropriate measure of
operating performance, as it provides a clearer picture of our operating
results by eliminating certain non-cash expenses that are not reflective
of the underlying business performance. We use this metric to facilitate
a comparison of our operating performance on a consistent basis from
period to period and to analyze the factors and trends affecting our
business as well as evaluate the performance of our units. Adjusted
EBITDA has limitations as an analytical tool and our calculation thereof
may not be comparable to that reported by other companies; accordingly,
you should not consider it in isolation or as a substitute for analysis
of our results as reported under GAAP. Adjusted EBITDA is included in
this press release because it is a key metric used by management.
Additionally, adjusted EBITDA is frequently used by analysts, investors
and other interested parties to evaluate companies in our industry. We
use adjusted EBITDA, alongside other GAAP measures such as net income
(loss), to measure profitability, as a key profitability target in our
annual and other budgets, and to compare our performance against that of
peer companies. We believe that adjusted EBITDA provides useful
information facilitating operating performance comparisons from period
to period.

The following table presents a reconciliation of net income to adjusted
EBITDA for the periods indicated (in thousands):

For the Three Months Ended June 30,

For the Six Months Ended June 30,

2015

2014

2015

2014

(unaudited)

(unaudited)

(unaudited)

(unaudited)

ADJUSTED EBITDA:

Net income attributable to THE ONE GROUP

$

8,390.2

$

3,013.2

$

7,299.5

$

2,291.4

Net income (loss) attributable to noncontrolling interest

134.1

131.9

27.3

(187.1

)

Net income

8,524.3

3,145.1

7,326.8

2,104.3

Interest

0.0

39.6

(5.2

)

58.5

Income Taxes

(5,931.4

)

115.5

(6,541.9

)

350.7

Depreciation

569.6

348.8

989.8

672.7

Deferred Rent (1)

(51.2

)

78.3

160.4

187.2

Preopening Expenses

1,690.3

586.8

2,765.0

833.2

Transaction costs

100.3

-

100.3

-

Loss from discontinued operations

35.4

346.2

38.6

1,271.4

Derivative expense

(3,392.0

)

(2,832.7

)

(2,778.0

)

(2,784.7

)

Stock based compensation

326.4

95.2

504.4

167.4

ADJUSTED EBITDA

1,871.7

1,922.8

2,560.2

2,860.7

Non-controlling ADJUSTED EBITDA

240.9

270.3

167.7

197.4

THE ONE GROUP ADJUSTED EBITDA

$

1,630.8

$

1,652.5

$

2,392.5

$

2,663.3

(1) Deferred rent is included in occupancy expense on the
statement of income.

Adjusted Net Income. We define adjusted net income as net income
before loss from discontinued operations, non-recurring gains and
losses, non-cash impairment losses, and stock based compensation.
Adjusted net income has been presented in this press release and is a
supplemental measure of financial performance that is not required by,
or presented in accordance with, GAAP. Adjusted net income has
limitations as an analytical tool and our calculation thereof may not be
comparable to that reported by other companies; accordingly, you should
not consider it in isolation or as a substitute for analysis of our
results as reported under GAAP.

We believe that adjusted net income provides a clearer picture of our
operating results by eliminating certain non-cash expenses that are not
reflective of the underlying business performance. We use this metric to
facilitate a comparison of our operating performance on a consistent
basis from period to period and to analyze the factors and trends
affecting our business.

The following table presents a reconciliation of net income to adjusted
net income for the periods indicated (in thousands, except share and per
share data):

For the Three Months Ended June 30,

For the Six Months Ended June 30,

2015

2014

2015

2014

(unaudited)

(unaudited)

(unaudited)

(unaudited)

ADJUSTED NET INCOME:

Net income attributable to THE ONE GROUP

$

8,390.2

$

3,013.2

$

7,299.5

$

2,291.4

Net income (loss) attributable to noncontrolling interest

134.1

131.9

27.3

(187.1

)

Net income

8,524.3

3,145.1

7,326.8

2,104.3

Transaction costs

100.3

-

100.3

-

Loss from discontinued operations

35.4

346.2

38.6

1,271.4

Derivative expense

(3,392.0

)

(2,832.7

)

(2,778.0

)

(2,784.7

)

Stock based compensation

326.4

95.2

504.4

167.4

Deferred tax allowance reversal

(6,181.6

)

-

(6,181.6

)

-

Adjusted net (loss) income

(587.2

)

753.8

(989.5

)

758.5

Non-controlling adjusted net income (loss)

134.1

47.1

27.3

(130.3

)

THE ONE GROUP adjusted net income (loss)

$

(721.3

)

$

706.7

$

(1,016.8

)

$

888.8

Adjusted net income (loss) per share - Basic and diluted

$

(0.03

)

$

0.03

$

(0.04

)

$

0.04

Shares outstanding - basic

24,955,467

24,940,195

24,947,873

24,943,394

Shares outstanding - diluted

24,955,467

24,972,150

24,947,873

25,029,957

Contacts

Investor Contact:Don Duffy, ICR orMichelle Epstein,
ICR(203) 682-8200

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